JULY 2024 | PROPERTY MARKET REVIEW
In our market review of July 2024, we look back on noteworthy surveys and reports, significant policy decisions and other developments affecting the UK residential property sector.
One of the most notable events in July was the change in government. Regardless of one’s political leanings, the removal of any remaining uncertainty in that regard should now work in investors’ favour in the sense that market activity often tends to accelerate once an electoral result is confirmed.
There is also more optimism with respect to interest rates. Higher mortgage costs have had a powerful dampening effect on property sales and pricing but the Bank of England announced its first base rate reduction at the start of August.
With CPI inflation now appearing to have settled around its 2% target, further rate-cuts are possible.
Darren Bennett
Managing Director
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